Sports Team Owners’ Write Off Spared in Senate Tax Bill

Sports team owners got a break in the Senate GOP’s proposed tax bill, as lawmakers opted against including restrictions on how much they can write off on the declining value of their franchises, breaking with the House tax proposal.

The proposed Senate legislation bill, released Monday, omits the House version of the legislation that would have restricted the write-off to half of the declining value of the franchise purchased by sports owners. The House provision would generate about $991 million over a decade, according to a Joint Committee on Taxation estimate.

• House tax writers proposed amending the tax ...